Cosmos, the interoperable blockchain ecosystem, today announced that Crypto.com has enabled Inter-Blockchain Communication Protocol functionality to allow the seamless interchain transfers of cryptocurrencies within their system.
The protocol is a decentralized network of independent, scalable, and interoperable blockchains, with over 200 projects building over the network and is focused on sovereignty, scalability, and usability, Cosmos enables developers to rapidly and easily build blockchain applications.
How cross-chains help
The integration unlocks huge potential and creates new capabilities for future cross-chain implementations of the Crypto.org Chain and other IBC-enabled chains and further cements the IBC protocol as the foundation for interoperability between sovereign blockchains.
IBC will perform the role of a bridge among different blockchains, by facilitating exchanges between a network of interconnected chains. The integration allows for the transferring and receiving of assets (tokens) and data using the ICS20 standard on the Crypto.org Chain Mainnet.
IBC assets will be available in the Bank module of the Crypto.org Chain, and CRO on other IBC-enabled chains. Crypto.com is among the first projects to enable IBC transfers, with IRISnet, Akash and Regen Network recently joining the interoperable ecosystem.
As part of its development on IBC, the project will create a bridge between Crypto.org Chain to Ethereum protocols, bringing on board Ethereum developers as innovative projects to the Crypto.org Chain ecosystem.
IBC has been in development since the release of the Cosmos whitepaper authored in 2016 by co-founders Jae Kwon and Ethan Buchman.
Expanding the Cosmos ecosystem
The introduction of IBC greatly expands the realm of possibilities for blockchain applications. IBC will enable the transfer of both fungible (cross-chain payments) and non-fungible tokens between chains, allowing for interchain token exchanges and the facilitation of NFT marketplaces.
It can also facilitate multi-chain contracts, enabling the passing of data and messages between contracts, with logic split across blockchains. Additionally, IBC solves blockchain scalability problems through sharding — the splitting of popular blockchain applications across multiple chains to solve congestion and reduce fees.
Eric Anziani, chief operating officer of Crypto.com commented, “The Inter-Blockchain Communication Protocol (IBC) enables self-sovereign networks to connect, which will lead to building a strong ecosystem of networks thanks to the flexibility and open nature of IBC. The IBC launch marks the end of “network tribalism.”
He added the move also aligns with one of Crypto.org Chain’s goals of building an open ecosystem — one that is welcoming to and supported by innovative projects, including Payments, DeFi, and NFT initiatives.